What to look for in a condo purchase

At our annual Sunset Oaks Homeowner's meeting this week, we were delighted to hear that our complex was one of the best run in the area.
Values continue to rise for town homes and condos that are close to the workplace: i.e., Sunnyvale, Cupertino, Santa Clara and Mountain View. The buyers are a healthy mix of first-time homeowners and "downsizers" like myself.
The trick to making a successful purchase in this market is to compare monthly fees to maintenance quality and to find out the percentage of rentals vs owner-occupied units. Another "red flag" is litigation against the association. A lender will be watching for these signs, too.

Robert Bruss, in his column for Inman News, noted five key questions for condo buyers to ask.

1. How do monthly fees compare with competitive nearby complexes?
2. What is the financial condition of the Homeowner's Association? Are there any expected special assessments/
3. Is the association professionally managed?
4. What is the percentage of renters in the complex?
5. Ask several current residents, "What do you like best and least about living here?"

A condo or townhouse can be a great investment if you do your 'home'work!